Condensed Income Statement for 2019 Sales $9,000 Cost of goods sold (6,000) Other expenses (2,000) Loss on sale of equipment (260) Gain on sale of land 400 Net income $1,140 Comparative Balance Sheets 310 Cash Accounts receivable Inventory Land Equipment Less: Accumulated depreciation December 31, December 31, 2018 2019 $700 $1,130 450 350 400 300 500 1,600 1,800 (200) (150) $3,200 $3,990 Total Assets Accounts payable Bonds payable (due 1/1/2018) Common stock, $10 par Retained earnings Total Liabilities and Shareholders' Equity $600 1,000 900 700 $3,200 $750 1,000 1,400 840 $3,990 Partial additional information: The equipment that was sold for cash had cost $400 and had a book value of $300. Land that was sold brought a cash price of $530. Fifty shares of stock were issued at par. Required: Based only on the information presented and using the direct method, prepare the cash flows from operating activities section of the 2019 statement of cash flows for Stewart using the spreadsheet metho STEWART COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2019 Operating Activities: Cash inflows: Collections from customers $9,140 Cash inflows from operating activities $9,140 Cash outflows: Payments to suppliers Other operating payments -2,000 Cash outflows for operating activities Net cash provided by operating activities Feedback